Caseware UK (AP4) 2023.0.135 2023.0.135 2023-03-312023-03-31truefalseNo description of principal activity2022-04-01false22truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 12413460 2022-04-01 2023-03-31 12413460 2021-04-01 2022-03-31 12413460 2023-03-31 12413460 2022-03-31 12413460 c:Director1 2022-04-01 2023-03-31 12413460 c:Director2 2022-04-01 2023-03-31 12413460 c:RegisteredOffice 2022-04-01 2023-03-31 12413460 d:CurrentFinancialInstruments 2023-03-31 12413460 d:CurrentFinancialInstruments 2022-03-31 12413460 d:CurrentFinancialInstruments 1 2023-03-31 12413460 d:CurrentFinancialInstruments 1 2022-03-31 12413460 d:CurrentFinancialInstruments 6 2023-03-31 12413460 d:CurrentFinancialInstruments 6 2022-03-31 12413460 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 12413460 d:CurrentFinancialInstruments d:WithinOneYear 2022-03-31 12413460 d:ShareCapital 2023-03-31 12413460 d:ShareCapital 2022-03-31 12413460 d:RetainedEarningsAccumulatedLosses 2023-03-31 12413460 d:RetainedEarningsAccumulatedLosses 2022-03-31 12413460 c:OrdinaryShareClass1 2022-04-01 2023-03-31 12413460 c:OrdinaryShareClass1 2023-03-31 12413460 c:OrdinaryShareClass1 2022-03-31 12413460 c:OrdinaryShareClass2 2022-04-01 2023-03-31 12413460 c:OrdinaryShareClass2 2023-03-31 12413460 c:OrdinaryShareClass2 2022-03-31 12413460 c:OrdinaryShareClass3 2022-04-01 2023-03-31 12413460 c:OrdinaryShareClass3 2023-03-31 12413460 c:OrdinaryShareClass3 2022-03-31 12413460 c:OrdinaryShareClass4 2022-04-01 2023-03-31 12413460 c:OrdinaryShareClass4 2023-03-31 12413460 c:OrdinaryShareClass4 2022-03-31 12413460 c:FRS102 2022-04-01 2023-03-31 12413460 c:AuditExempt-NoAccountantsReport 2022-04-01 2023-03-31 12413460 c:FullAccounts 2022-04-01 2023-03-31 12413460 c:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 12413460 6 2022-04-01 2023-03-31 12413460 f:USDollar 2022-04-01 2023-03-31 xbrli:shares iso4217:GBP xbrli:pure


Registered number: 12413460












INAGE INVESTMENTS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

 

INAGE INVESTMENTS LIMITED

CONTENTS



Page
Company information
 
1
Balance sheet
 
2 - 3
Notes to the financial statements
 
4 - 9


 

INAGE INVESTMENTS LIMITED
 
COMPANY INFORMATION


Directors
I M Livingstone 
N C Livingstone 




Registered number
12413460



Registered office
16 Great Queen Street
Covent Garden

London

WC2B 5AH




Accountants
Blick Rothenberg Limited
Chartered Accountants

16 Great Queen Street

Covent Garden

London

WC2B 5AH




Page 1


 
REGISTERED NUMBER:12413460
INAGE INVESTMENTS LIMITED

BALANCE SHEET
AS AT 31 MARCH 2023

2023
2022
Note
$
$

Fixed assets
  

Investments
 4 
138,319,595
59,865,503

  
138,319,595
59,865,503

Current assets
  

Debtors: amounts falling due within one year
 5 
628,818
430,625

Cash at bank and in hand
  
5,914,589
5,947,985

  
6,543,407
6,378,610

Creditors: amounts falling due within one year
 6 
(143,551,848)
(64,004,225)

Net current liabilities
  
 
 
(137,008,441)
 
 
(57,625,615)

Total assets less current liabilities
  
1,311,154
2,239,888

Provisions for liabilities
  

Deferred tax
  
(348,347)
(348,347)

  
 
 
(348,347)
 
 
(348,347)

Net assets
  
962,807
1,891,541


Capital and reserves
  

Called up share capital 
 7 
130
130

Profit and loss account
  
962,677
1,891,411

Total equity
  
962,807
1,891,541


Page 2


 
REGISTERED NUMBER:12413460
INAGE INVESTMENTS LIMITED
    
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2023

The directors consider that the company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf 




I M Livingstone
Director

Date: 18 March 2024

The notes on pages 4 to 9 form part of these financial statements.

Page 3

 

INAGE INVESTMENTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

1.


General information

Inage Investments Limited is a private company limited by shares incorporated in England and Wales. The address of its registered office is 16 Great Queen Street, Covent Garden, London, United Kingdom, WC2B 5AH.
The financial statements are presented in US dollars ($). Monetary amounts in these financial statements are rounded to the nearest $. However, the financial statements were presented in (£) in the prior years and the directors have decided to align the presentational currency ($) and functional currency ($) going forward starting from 2023. 

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

Going concern

At the year end, the company owed $143,469,234 (2022: $63,969,234) to a director of the company, who has confirmed that he will not seek repayment of amounts owed to him until the company has sufficient funds to do so. Furthermore, the directors have provided confirmation that they will continue to support the company for a period of not less than 12 months from the date of signature of these accounts to ensure the company is able to meet their liabilites as they fall due. Accordingly, the directors continue to adopt the going concern basis in preparing the financial statements.

 
2.3

Valuation of investments

Investments in listed company shares are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in profit or loss for the period.

  
2.4

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.


2.5

Financial instruments

The company has elected to apply Sections 11 and 12 of FRS 102 in respect of financial instruments.

Financial assets and financial liabilities are recognised when the company becomes party to the contractual provisions of the instrument. 

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. 
 
The company’s policies for its major classes of financial assets and financial liabilities are set out below. 

Page 4

 

INAGE INVESTMENTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)


Financial instruments (continued)




Financial instruments (continued)

Financial assets
Basic financial assets, including trade and other debtors, cash and bank balances are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest for a similar debt instrument. Financing transactions are those in which payment is deferred beyond normal business terms or is financed at a rate of interest that is not a market rate.

Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment.

Financial liabilities

Basic financial liabilities, including trade and other creditors, bank loans are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Financing transactions are those in which payment is deferred beyond normal business terms or is financed at a rate of interest that is not a market rate.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Impairment of financial assets
Financial assets measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the profit and loss account. 

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between the asset's carrying amount and the best estimate of the amount the company would receive for the asset if it were to be sold at the reporting date. 

For financial assets measured at amortised cost, the impairment loss is measured as the difference between the asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If the financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Page 5

 

INAGE INVESTMENTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)


Financial instruments (continued)




Financial instruments (continued)

Derecognition of financial assets and financial liabilities
Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) despite having retained some significant risks and rewards of ownership, control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions. 
 
Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

Offsetting of financial assets and financial liabilities
Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

  
2.6

Share capital

Ordinary shares are classified as equity.

 
2.7

Foreign currency translation

Functional and presentation currency

The company primarily conducts transactions in USD, with the majority of financial assets held and traded by the company being denominated in USD.  On this basis, the company's functional currency is US dollars.  

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end, monetary items denominated in other foreign currencies are converted to the presentational currency (USD) using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined. Any differences arising from the conversion of amounts from other foreign currencies to the presentational currency (USD) are recognised within other comprehensive income.

Foreign exchange gains and losses resulting from the settlement of transactions, and from the translation at period-end exchange rates of monetary assets and liabilities, denominated in currencies other than US dollars are recognised in profit or loss within 'administrative expenses'.

Page 6

 

INAGE INVESTMENTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.8

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in the profit and loss account, except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
Current tax is the amount of income tax payable in respect of taxable profit for the year or prior years.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the company operates and generates income.

Deferred tax arises from timing differences that are differences between taxable profits and total comprehensive income as stated in the financial statements. These timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in the financial statements.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
 
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


3.


Employees




The average monthly number of employees, including directors, during the year was 2 (2022 - 2).

Page 7

 

INAGE INVESTMENTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

4.


Fixed asset investments





Fixed asset investments

$



Valuation


At 1 April 2022
59,865,503


Additions
134,451,125


Disposals
(54,705,922)


Foreign exchange movement
(242)


Fair value movements
(1,290,869)



At 31 March 2023
138,319,595





5.


Debtors

2023
2022
$
$


Other debtors
165,531
-

Prepayments and accrued income
463,287
427,883

Financial instruments
-
2,742

628,818
430,625


Financial instruments measured at fair value through profit or loss include derivative financial instruments held as part of a trading portfolio. The derivative financial instruments presented above comprise forward contracts only.


6.


Creditors: Amounts falling due within one year

2023
2022
$
$

Bank overdrafts
3,276
-

Other creditors
143,472,089
63,980,170

Accruals and deferred income
44,510
24,055

Financial instruments
31,973
-

143,551,848
64,004,225


Financial instruments measured at fair value through profit or loss include derivative financial instruments held as part of a trading portfolio. The derivative financial instruments presented above comprise forward contracts only.

Page 8

 

INAGE INVESTMENTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

7.


Share capital

2023
2022
$
$
Allotted, called up and fully paid



40 (2022 - 40) Class A shares of $1.30 each
52
52
20 (2022 - 20) Class B shares of $1.30 each
26
26
20 (2022 - 20) Class C shares of $1.30 each
26
26
20 (2022 - 20) Class D shares of $1.30 each
26
26

130

130

The company issued 100 ordinary shares of £1 each at par on incorporation to establish the capital structure. The company's functional and presentational currenecy is USD and the share capital has been re-denominated to USD at the year end date to $130.



8.


Reserves

Profit and loss account

Profit and loss account includes all current and prior period retained profits and losses. It includes exchange reserves of $29,237 which are not distributable. 


9.


Registered charges

A fixed charge is held over all Julius Baer portfolio accounts held on behalf of the company by Julius Baer. The company has granted a negative pledge to Julius Baer, meaning that Julius Baer reserves the right to the title and ownership of all assets held by the Charged Account if the company defaults or fails to meet its liabilities to Julius Baer as they fall due.


10.


Related party transactions

Included within other creditors is an amount of $143,469,234 (2022: $63,969,234) owed to a director of the company. The loan is provided interest free and is unsecured. There are no formal terms and conditions regarding the repayment of this loan.

 
Page 9